The Food Corporation of India (FCI) has sold 2.84 MT of wheat in the open market to bulk buyers like flour millers and food companies through e-auction, reports Financial Express.
The FCI on Thursday sold 5, 40,000 tonnes of wheat through its fifth e-auction in the current season.
Around 1,000 bidders across 23 states participated in the e-auction. The FCI has realized the average price of Rs 2,196/quintal against the Minimum Support Price (MSP) of Rs 2,125/quintal fixed for the next procurement season (2023-24) that starts from April 1.
Through selling wheat in the open market the FCI has realized around Rs 6,000 crore so far.
The last e-auction would be held by the FCI next week in the non-procuring wheat states.
FCI has sold 2.3 MT of wheat to bulk buyers in the last four e-auctions held since the beginning of February.
The market prices of wheat were Rs 3,000/quintal at the beginning of the year and through the open market sale, the prices of wheat have declined close to MSP at present.